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USDA's April WASDE made no changes to U.S. corn and soybean supply numbers, surprising analysts who had expected cuts. Corn ending stocks were pegged at 1.342 billion bushels and soybean stocks at 210 million, both above trade estimates.
Ending stocks above trade expectations signal looser near-term U.S. supplies, which weighs on corn and soybean prices. The market will look to the May report for demand changes.
agriculture.comCassidy WalterApr 11, 2023After 1,102 past bearish report events, CORN moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
After 788 past bearish report events, SOY moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
